Blockchain is a new-generation technology playing a crucial role in the current era of digitalization. The technology offers features like interoperability, immutability, decentralized, consensus, faster settlements, etc., that benefit the diverse verticals across several industries worldwide. Businesses leverage blockchain to develop secured mobile applications, simplify business operations, and streamline supply chain management.
The blockchain adoption rate across the top growing companies is increasing every year. According to Statista, the global blockchain market was valued at $5.85 billion in 2021 and will reach $1235.71 billion by 2030, at a CAGR of 82.8 percent. Another report states that the number of blockchain wallet users worldwide is over 84.2 million. And the number is consistently growing.
The increasing statistics show that more businesses and entrepreneurs are grabbing the opportunity to tap into new markets and gain a competitive edge. It’s high time to strategize for blockchain applications if you want to acclerate your business growth.
In this blog, I am sharing some mind-boggling blockchain app ideas to amplify your business growth. The detailed outlook will also help you understand the different sectors in which these blockchain app ideas will impact the most in the coming years.
5 Blockchain App Ideas to Grow your Business
1. Decentralized apps
Decentralized apps (dApps) are distributed open-source software applications and run on a peer-to-peer network of computers instead of a single computer. It is one of the trendiest blockchain app ideas in the market. Businesses of all sorts are working with the top blockchain companies to build gaming and social media applications.
dApps follow the concept of decentralization and store data in a database outside the purview and control of a single authority. Organizations widely use dApps to track products and cross-border transactions from small to large levels without intermediaries like banks. Decentralized applications do not require users’ personal information for functioning. They use smart contracts to complete transactions between two anonymous parties. Some known examples of dApps are Trouble Punk, Splinterlands, LBank, Crypto Kitties, etc.
2. Supply chain management apps
The blockchain eliminates the challenges encountered across the industry’s overall supply chain. It is the most adopted blockchain app ideas as you can easily track flow of goods and services. Moreover, the applications offer an analytical system that gives data, from acquiring raw data to processing to final products.
You can create your own supply chain management apps, as they are widely used across all industries. It can also help you steer your business processes in the right direction.
A few known benefits of supply chain management apps are order management, inventory management, cloud-based mobility, and more.
3. Digital identity-based apps
Digital identity-based apps are among the new ideas that do not have massive traction with competitors. The blockchain-based digital identity apps allow more accessible, quicker, and reliable means for users to verify their identity. That too, without providing original certificates or photocopies.
These apps benefit businesses, enterprises, and end-users as they offer decentralized web identity management, self-sovereign identity, and non-custodial logic solutions.
A few of the best-known digital identity apps available in the market are globaliD, Yoti, and Bitnation. It is expected that digital identity solutions will reach $30.5 billion by 2024, at a CAGR of 17.3% for the forecast period (2019-2024).
4. Logistics app
Logistics and transportation apps are also a comparatively new market for blockchain-based solutions. Thus, the transition from a manual to an automated system with blockchain is still happening in the industry, and you can take massive advantage of it to generate substantial revenue streams.
Blockchain offers superlative solutions in transportation and logistics. The main benefits of developing blockchain-based logistics solutions are cost reduction, streamlined documentation, real-time updates, etc.
5. Government voting apps
The need for blockchain-based voting apps is increasing as the growing population makes the voting process tiring and prone to external attacks like manipulating numbers, technical faults in machines, etc. The blockchain-based government voting apps are auditable and immutable, so they are proficient in keeping the actual data safe. A few benefits of these voting apps are:
- Users will trust the anonymous ballots as the system is tamper-proof
- No manipulation is possible under any circumstances
- It renders proper data integration
- Promotes trust in the system
Wrapping Up!
I hope the above-shared blockchain app ideas will suit best to your startup, SMEs, or large-scale enterprises. Blockchain implementation and other disruptive technologies like AI, big data, etc., are powering up the digital economy by bringing efficiency, transparency, and advanced security to the new-age systems. To transform your app ideas into high-functioning solutions, get in touch with the best blockchain software development companies and get assistance in developing unique high-end solutions.
